macquarie global infrastructure total return fund annual report 2012

Notes to Financial Statements
November 30, 2012
26
and implementation through day-today
portfolio management, subject
to the general supervision of the
Fund’s Board of Directors. MCIM is
also responsible for managing the
Fund’s business affairs, overseeing
other service providers and
providing management services.
As compensation for its services to
the Fund, MCIM receives an annual
management fee, payable on a
quarterly basis, equal to the annual
rate of 1.00% of the Fund’s Total
Assets (as defined below) up to and
including $300 million, 0.90% of the
Fund’s Total Assets over $300 million
up to and including $500 million, and
0.65% of the Fund’s Total Assets
over $500 million. Total Assets of
the Fund, for the purpose of this
calculation, include the aggregate of
the Fund’s average daily net assets
plus proceeds from any outstanding
borrowings used for leverage.
The Fund placed a portion of
its portfolio transactions with a
brokerage firm which is an affiliate of
MCIM. The commissions paid to the
affiliated firm totaled $22,089 for the
year ended November 30, 2012.
ALPS Fund Services, Inc. ("ALPS")
is the Fund's Administrator and
Fund Accountant in accordance
with certain fee arrangements.
As compensation for its services,
ALPS receives certain out-of-pocket
expenses and asset-based fees,
which are accrued daily and paid
monthly (in arrears). Fees paid to
ALPS are calculated based on
average daily net assets of the Fund.
ALPS receives the greater of the
following: an annual minimum of
$400,000, or an annualized fee of
0.06% on assets up to $1 billion and
an annualized fee of 0.04% on assets
above $1 billion.
Computershare Trust Company,
N.A. (“Computershare”) serves as
the Fund’s Transfer Agent, dividendpaying
agent, and registrar. As
compensation for Computershare’s
services, the Fund pays
Computershare a monthly fee plus
certain out-of-pocket expenses.
6. Leverage
On October 13, 2009, the Fund
entered into a Committed Facility
Agreement with BNP Paribas
Prime Brokerage International,
Ltd. (the “BNP Paribas Facility”
or "Agreement”), which provides
a credit facility to be used as
leverage for the Fund. Under the
1940 Act, the Fund, after any such
borrowings, must have “asset
coverage” of at least 300% (33
1/3% of the Fund’s Total Assets
after borrowings). At November
30, 2012, the Fund maintained an
asset coverage of 372%. As of
November 30, 2012, the Fund had
$82,800,000 and €20,000,000 in
leverage outstanding under the BNP
Paribas Facility. The BNP Paribas
Facility provides for secured,
committed lines of credit for the
Fund where selected Fund assets
are pledged against advances
made to the Fund.
As of November 30, 2012, the market
value of the securities pledged as
collateral for the BNP Paribas Facility
totaled $250,982,535.
The Agreement was amended on
March 15, 2012. The amendment
included the reduction in interest
rates payable on outstanding
amounts from 100 bps to 70 bps per
annum above 3-month LIBOR for the
U.S. Dollar line and from 100 bps to